Fuel Cell Vehicle Market Global Forecast 2021-2030

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Fuel Cell Vehicle Market
Fuel Cell Vehicle Market
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Report Description and Highlights
A fuel cell is an electrochemical reactor that
converts the chemical energy and an oxidant
directly to electricity. In recent years, the
word fuel cell has been used almost solely to
describe a reactor using hydrogen as the chief
energy source. Hydrogen has a protracted history
of being employed as fuel for versatility. More
than 200 years ago, hydrogen was adopted in the
first internal combustion engines by igniting the
hydrogen itself, like burning gasoline today.
Though, this did not prove to be quite successful
due to safety affairs and low energy density.
Preferably, hydrogen is an energy carrier in a
modern fuel cell by reacting with oxygen to form
electricity. Moreover, fuel cell vehicles have
become more lucrative in recent years due to
higher performance, reduced refuelling time, and
long-range offered by the systems. Also, the
exhaust in terms of water, a deterioration in
emissions dimension, and superior power and
torque output play a significant role in adopting
fuel cell technologies for automobiles. In
addition, the rising environmental issues, such
as climate change and low air quality, are due to
substantial growth in the regional transportation
sector. High fossil fuel consumption has
generated the need for clean energy sources,
thereby boosting the market's growth over the
forecast period. According to Renub Research, the
Global Fuel Cell Vehicle Market awaits to
reach 980.00 Thousand Units by 2030.
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Fuel Cell Vehicle Market
Global Fuel Cell Vehicle Market 2020 - 2030
Fuel Cell Vehicle Market
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Fuel Cell Vehicle Market
Impact of COVID-19 on Global Fuel Cell Vehicle
Market The production sales of innovative
vehicles had come to a standstill across the
globe as the entire ecosystem had been obstructed
in the initial outbreak of COVID 19. Fuel Cell
Vehicles had to pause until lockdowns were lifted
to continue blooming, which influenced their
businesses. Consequently, vehicle manufacturers
had to modify the production volume. Moreover,
the automotive industry is highly
capital-intensive and relies on frequent
financing to continue operations. Thus, during
the initial months of the outbreak, the
production suspension and lower demand had an
unprecedented impact on Fuel Cell Vehicles
manufacturers and automotive fuel cell producers.
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Fuel Cell Vehicle Market
For example, according to the Times of India,
Honda Motor Company's sales declined by more than
15 throughout the third quarter of 2020, while
operating profit plunged by around 13
overall during the whole year. Toyota Motor
Corporation's sales went down by 50 in the first
quarter of 2020. However, demand for Fuel Cell
Vehicles recovered at a fast rate after the
initial months of 2020. Hence, the sales also
increased along with the demand for zero-emission
vehicles during the latter months of 2020. Our
research suggests that the Worldwide Hydrogen
Fuel Cell Vehicle Market was 25.00 Thousand
Units in 2020.
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Fuel Cell Vehicle Market
The technology used for Global Fuel Cells
Vehicles Globally, fuel cell vehicles are
typically categorized by the technology used.
Prominent technologies of fuel cells include
Polymer Exchange Membrane Fuel Cells (PEMFC), Soli
d Oxide Fuel Cells (SOFC), Direct Methanol Fuel
Cells (DMFC), Phosphoric Acid Fuel
Cells (PAFC) and Molten Carbonate Fuel
Cells (MCFC). Of these, PEMFC is the common
commercialized type today due to its low
operating temperature (50-100C), compact start
time, and its oxidant (atmospheric air) ease of
use. These characteristics make PEMFC ideal for
mobility solutions. They are part of the reason
for the rapid development of FCEVs starting from
the 1990s. As per our analysis, the Global Fuel
Cell Vehicle Industry is expected to grow with a
massive CAGR of 44.32 from 2020 2030.
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Fuel Cell Vehicle Market
Regional Analysis of Fuel Cell Vehicle
Industry The global fuel cell vehicle market
report revolves around crucial regions, including
Europe, North America, Asia Pacific, Middle East
and Africa and Latin America. In North America,
the United States has a massive number of
hydrogen fuel stations provisioning to the
market. Both US and Canada have been supporting
the market for low emission vehicles. Fuel cell
vehicles are in tremendous demand in some states
like California in the US and British Columbia in
Canada. Also, Asia-Pacific is a fast-growing
market for hydrogen fuel stations. China, South
Korea and Japan are currently leading the fuel
cell vehicle market in Asia-Pacific. China is
converging more on buses and trucks for FCEV's.
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Fuel Cell Vehicle Market
In the upcoming years, nations such as China,
Japan, and South Korea are expected to pivot in
advancing fuel cell electric vehicle technology.
Large corporations such as Toyota are trying to
become the leader in fuel cell technology. As
with most technologies, fuel cell technology's
initial development and deployment phases heavily
depend on government policies and incentives. To
various extents and for multiple reasons,
governments of China, the United States, European
nations and Japan have encouraged the development
of the fuel cell industry. The countries invest
heavily in core technology research and establish
subsidy policies and medium/long-term strategic
plans.
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Fuel Cell Vehicle Market

• Policy Overview across Major Markets
• In Europe Hydrogen Roadmap Europe a transition
  to one-third ultra-low carbon hydrogen production
  by 2030 has been devised.
• Similarly, in Japan policy for the full-fledged
  manufacturing operation, transportation and
  storage of zero-carbon emission hydrogen by 2040
  have been planned.
• In addition, in the United States, the California
  Fuel Cell Partnership has also outlined targets
  for 1,000,000 FCEVs by 2030.
• The Global Fuel Cell Market is dominated by
  established players such as Toyota Motor
  Corporation, Volkswagen, Daimler AG, Honda Motor
  Company, and Ford Motor Company. These companies
  contribute extensive products and solutions for
  the fuel cell vehicle industry, have strong
  global distribution networks, and invest heavily
  in RD to develop new products.

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Fuel Cell Vehicle Market

• Recent Developments in Fuel Cell Car Companies
• In March 2021, Toyota Corporation revealed a new
  hydrogen production facility and refuelling
  station at its decommissioned car factory in
  Melbourne, Australia, before its
  second-generation fuel-cell car, the Mirai FCEV.
  The facility includes a 200-kilowatt electrolyzer
  powered by an on-site 84-kilowatt solar array and
  a 100-kilowatt battery.
• In March 2021, Toyota Motor Corporation and
  Beijing SinoHytec proclaimed a joint venture to
  produce hydrogen fuel cell vehicles concerning
  the Chinese market. As per the joint statement,
  the two companies are foreseen to invest USD 72
  million into Huafeng Fuel Cell Co. Ltd. The
  company's first car will be modelled after
  Toyota's hydrogen fuel cell vehicle MIRAI and is
  slated to begin production in 2023.

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Fuel Cell Vehicle Market

• Recent Developments in Fuel Cell Car Companies
• In March 2021, Toyota Corporation revealed a new
  hydrogen production facility and refuelling
  station at its decommissioned car factory in
  Melbourne, Australia, before its
  second-generation fuel-cell car, the Mirai FCEV.
  The facility includes a 200-kilowatt electrolyzer
  powered by an on-site 84-kilowatt solar array and
  a 100-kilowatt battery.
• In March 2021, Toyota Motor Corporation and
  Beijing SinoHytec proclaimed a joint venture to
  produce hydrogen fuel cell vehicles concerning
  the Chinese market. As per the joint statement,
  the two companies are foreseen to invest USD 72
  million into Huafeng Fuel Cell Co. Ltd. The
  company's first car will be modelled after
  Toyota's hydrogen fuel cell vehicle MIRAI and is
  slated to begin production in 2023.

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Fuel Cell Vehicle Market
Technology Fuel Cell Electric Vehicle has been
covered from 5 viewpoints 1.    Polymer
Exchange Membrane Fuel Cells (PEMFC)2.    Solid
Oxide Fuel Cells (SOFC)3.    Direct Methanol
Fuel Cells (DMFC)4.    Phosphoric Acid Fuel
Cells (PAFC)5.    Molten Carbonate Fuel Cells
(MCFC) Region Fuel Cell Electric Vehicle has
been covered from 5 viewpoints 1.    North
America 2.    Europe3.    Asia Pacific 4.  
 Middle East and Africa5.    Latin America
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Fuel Cell Vehicle Market
Global Forecast For Fuel Cell Vehicle Market
Share () - by Region (2021 - 2027)
Source Renub Research Analysis Note
These are dummy figures actual data given in the
report
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Fuel Cell Vehicle Market
Company Insights     Overview    Recent
Development Strategies    Financial
Insights Company Analysis 1.    Volkswagen2.  
 Toyota Motor Corporation3.    Daimler AG4.  
 Ford Motor Company5.    Honda Motor Company 
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Fuel Cell Vehicle Market
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Fuel Cell Vehicle Market